Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Norden Group LLC

Norden Group LLC grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 23.9% during the first quarter, Holdings Channel reports. The firm owned 3,418 shares of the semiconductor company’s stock after acquiring an additional 660 shares during the quarter. Norden Group LLC’s holdings in Microchip Technology were worth $307,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its holdings in shares of Microchip Technology by 4.1% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 8,143 shares of the semiconductor company’s stock worth $636,000 after acquiring an additional 318 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Microchip Technology by 8.2% in the 3rd quarter. Raleigh Capital Management Inc. now owns 3,079 shares of the semiconductor company’s stock worth $240,000 after acquiring an additional 234 shares during the period. Anchor Investment Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth about $126,000. DNB Asset Management AS grew its position in Microchip Technology by 0.5% in the 4th quarter. DNB Asset Management AS now owns 86,412 shares of the semiconductor company’s stock valued at $7,793,000 after buying an additional 393 shares in the last quarter. Finally, Wedmont Private Capital grew its position in Microchip Technology by 15.4% in the 4th quarter. Wedmont Private Capital now owns 4,700 shares of the semiconductor company’s stock valued at $403,000 after buying an additional 628 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MCHP shares. Truist Financial increased their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. KeyCorp increased their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research report on Thursday. Finally, Piper Sandler reiterated a “neutral” rating and issued a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.61.

Microchip Technology Stock Performance

Shares of MCHP opened at $92.61 on Friday. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a 50-day moving average of $93.58 and a two-hundred day moving average of $89.27. The stock has a market cap of $49.69 billion, a price-to-earnings ratio of 26.69 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the company posted $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.95%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Transactions at Microchip Technology

In other news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the sale, the vice president now directly owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the transaction, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 over the last three months. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.